Air Products Reports Fiscal Q2 Financial Results

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Second Quarter Summary
Non-GAAP adjusted EPS of $1.39* within previous guidance range
Non-GAAP adjusted EPS from continuing operations of $1.31* up 4% versus prior quarter
Cost reduction actions drive charge of $60 million after tax
Quarterly dividend increased for 30th consecutive year
Capital spending expectation of $2.2 billion at high end of range with new project success
Air Products (NYSE:APD) today reported net income of $281 million* and diluted earnings per share (EPS) of $1.31* on a non-GAAP, continuing operations basis, for its fiscal second quarter ended March 31, 2012. This excludes: a $0.28 per share charge for cost reduction actions, mostly in Europe; a $0.27 per share tax benefit resulting from a non-cash Spanish tax ruling; and $0.08 per share of earnings from the Homecare Business, which has been reclassified to discontinued operations.

The discussion of second quarter results and guidance in this release is based on non-GAAP continuing operations comparisons that exclude these items. A reconciliation can be found at the end of this release.*

Second quarter revenues of $2,344 million decreased two percent versus prior year, primarily on lower energy pass-through and a stronger dollar. Underlying sales were up two percent on higher Tonnage Gases volumes and improved pricing in Merchant Gases. Operating income of $375 million was down six percent and operating margin of 16% decreased 60 basis points versus prior year, primarily due to volume mix between the businesses.

Sequentially, sales increased one percent, with underlying sales up 3%, primarily due to increased volumes in Performance Materials and Equipment. Operating income was up six percent and operating margin increased 80 basis points, mainly due to higher Performance Materials and Tonnage Gases volumes.

Commenting on the quarter, John McGlade, chairman, president and chief executive officer, said, “Overall, second quarter volumes were below our expectations, as business activity did not pick up as much as we expected. With Europe in recession, we have taken actions to improve our business portfolio and cost positions. While our volumes were held down by lower demand, we did see positive impact from our pricing efforts and new plants.”

Second Quarter Segment Performance
Merchant Gases sales of $884 million decreased three percent and operating income of $153 million declined eight percent versus prior year, with positive pricing offset by weaker volumes in all regions and currency impacts.
Tonnage Gases sales of $784 million decreased two percent versus the prior year, with lower energy pass-through, mostly offset by improved volumes of seven percent. Operating income of $125 million was up four percent from the prior year driven by the volume growth.
Electronics and Performance Materials sales of $567 million declined two percent versus the prior year, primarily due to weaker Electronics volumes, partially offset by stronger Performance Materials volumes. Operating income of $86 million was down seven percent versus prior year, primarily due to lower volumes and higher raw material costs in Electronics. These were partially offset by higher Performance Materials volumes.
Equipment and Energy sales of $110 million were down three percent versus prior year due to lower project activity. Operating income of $10 million declined 56 percent from the prior year on lower LNG activity. Equipment sales backlog is up 69 percent versus prior year.
Outlook
Looking ahead, McGlade said, “We are entering the second half of the year at lower levels of business activity than originally anticipated, reducing growth in both sales and earnings for fiscal 2012. We still expect both to pick up during the second half of 2012 and into 2013. Our capital spending for this year is anticipated to come in at the high end of our range at approximately $2.2 billion. We expect to sign a record amount of new business this year and to continue to deliver gains in productivity that will contribute to strong, profitable growth.”

Air Products expects third quarter adjusted EPS from continuing operations to be between $1.40 and $1.45 per share. The company’s adjusted guidance for continuing operations for fiscal 2012 is $5.47 to $5.60 per share. This includes a $0.30 per share reduction for the movement of Homecare to discontinued operations.

Access the Q2 earnings teleconference scheduled for 10:00 a.m. Eastern Time on April 24 by calling 719-325-2286 and entering pass code 5287449, or listen on the Web at: http://investors.airproducts.com/phoenix.zhtml?c=92444&p=quarterlyearnings.

Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. More than 18,000 employees in over 40 countries supply innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2011, Air Products had sales of approximately $10 billion. For more information, visit www.airproducts.com.

Note: This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections, targets and business outlook. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, slowing of global economic recovery; renewed deterioration in global or regional economic and business conditions; weakening demand for the Company’s products; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; successful development and market acceptance of new products and applications; the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; the success of productivity programs; the success and impact of restructuring and cost reduction initiatives; achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company’s foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the impact on the effective tax rate of changes in the mix of earnings among our U.S. and international operations; and other risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2011. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company’s assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

* The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.

Consolidated Results
Q2 Continuing Operations
2012 Q2 vs. 2011 Q2 Operating
Income Operating
Margin Income Diluted
EPS Net
Income Diluted
EPS
2012 GAAP $287.9 12.3% $279.0 $ 1.30 $296.0 $ 1.38
2011 GAAP 393.8 16.4% 285.7 1.31 304.3 1.39
Change GAAP $(105.9) (410bp) $(6.7) $ (.01) $(8.3) $ (.01)
% Change GAAP (27)% (2)% (1)% (3)% (1)%
2012 GAAP $ 287.9 12.3% $ 279.0 $ 1.30 $ 296.0 $ 1.38
Cost reduction plan (tax impact $26.2) (a) 86.8 3.7% 60.6 .28 60.6 .28
Q2 Spanish tax ruling – – (58.3) (.27) (58.3) (.27)
2012 Non-GAAP Measure $374.7 16.0% $ 281.3 $ 1.31 $ 298.3 $ 1.39
2011 GAAP $ 393.8 16.4% $ 285.7 $ 1.31 $ 304.3 $ 1.39
Net loss on Airgas transaction (tax impact $.6) (b) 5.0 .2% 4.4 .02 4.4 .02
2011 Non-GAAP Measure $398.8 16.6% $ 290.1 $ 1.33 $ 308.7 $ 1.41
Change Non-GAAP Measure $ (24.1) (60bp) $ (8.8) (.02) $ (10.4) $ (.02)
% Change Non-GAAP Measure (6)% (3)% (2)% (3)% (1)%
Continuing Operations
2012 Q2 vs. 2012 Q1 Operating
Income Operating
Margin Income Diluted
EPS
2012 Q2 GAAP $287.9 12.3% $279.0 $ 1.30
2012 Q1 GAAP 353.7 15.2% 225.9 1.06
Change GAAP $(65.8) (290bp) $53.1 $.24
% Change GAAP (19)% 24% 23%
2012 Q1 GAAP $ 353.7 15.2% $ 225.9 $ 1.06
Q1 Spanish tax settlement – – 43.8 .20
2012 Q1 Non-GAAP Measure $ 353.7 15.2% $ 269.7 $ 1.26
Change Non-GAAP Measure $ 21.0 80bp $ 11.6 $ .05
% Change Non-GAAP Measure 6% 4% 4%
Q3 2012 2012 Forecast
2012 Guidance GAAP (c) $1.40 to 1.45 $5.26 to 5.39
Q1 Spanish tax settlement .20
Cost reduction plan (tax impact $26.2) .28
Q2 Spanish tax ruling (.27)
2012 Guidance Non-GAAP Measure $1.40 to 1.45 $5.47 to 5.60
(a) Based on average statutory tax rate of 30.17%.
(b) Based on statutory tax rate of 36.57%, including impact of tax rate adjustment for 2010 and first quarter 2011 costs.
(c) Guidance is on a continuing operations basis.
Capital Expenditures
We utilize a non-GAAP measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases. Certain facilities that are built to provide product to a specific customer are required to be accounted for as capital leases and such spending is reflected as a use of cash within cash provided by operating activities.

FY 2011
Capital expenditures – GAAP basis $1,408.3
Capital lease expenditures 173.5
Capital expenditures – Non-GAAP basis $1,581.8
2012 Forecast
Capital expenditures – GAAP Measure $1,700 to $1,900
Capital lease expenditures 200 to 300
Capital expenditures – Non-GAAP Measure $1,900 to $2,200

materialon @ April 24, 2012

Russian government permission for TATRA mining truck versions

Posted in: Transport | Comments (0)

The permission issued by Russian Federal Agency focusing on environmental protection and technological safety means granting official rights to use TATRA mining tippers in open pits such as coal, iron and non-iron quarries.

This permission, granted for TATRA mining truck versions in February 2012, complies with all mining safety requirements and regulations.

TATRA vehicles have been used as quarry trucks by CIS and Russian mining companies since the 1950s. TATRA mining tippers are currently widely used all over Russia, CIS and Eastern European countries.

After last year’s success in the International Truck of the Year 2012 contest, a TATRA PHOENIX log truck version has been awarded an “Extraordinary Award of the CEO and Jury of Grand Prix Silva Regina” at the SILVA REGINA 2012 exhibit.

materialon @ April 23, 2012

Vintage Czech whisky ‘Hammer Head’ scoops top award for SSG

Posted in: Beverages, Spirits | Comments (0)

Stock Spirits Group (SSG) is proud to announce that its unique 1989 vintage single malt whisky, Hammer Head, has won a Masters award at The Whiskeys of the World Masters. A second SSG brand, Limonce Amaro, also enjoyed success at the Masters by winning a Gold medal within the Herbs and Bitters category at the Liqueur Masters.

Hammer Head is a Czech single malt whisky with a colourful history. In 1989, the Pradlo Distillery in western Czechoslovakia – which had been producing high quality pot-still spirits for many years – installed a traditional cast iron hammer mill at great effort. The mill, which was made back in 1928 and was exactly the same type found in most traditional Scottish distilleries, allowed production of a single malt whisky to begin.

The whisky was produced using only Czech barley and the crisp clean water from the Bohemia region, whilst the oak casks were made of 100% Czech oak wood. When the Berlin Wall fell later in the same year, the whisky was forgotten, lying dormant in the cellars for over 20 years in its unique casks until it was recently discovered. In order to honour the hard work involved, SSG named the whisky after the nickname of the old mill which is so vital in the production of Hammer Head single malt whisky.

Meanwhile, Italian liqueur Limonce Amaro received a prestigious Gold medal at the Liqueur Masters despite only being launched in the Italian market in September 2010. The herbal bitter is made from more than 30 herbs, aromatic roots and flowers (including gentian, juniper, dittamo, angelica, china, cera, thyme and coriander) all of which are carefully selected and blended in the right proportions according to a unique recipe and to which lemon peel is added. This creates a fusion of herbal bitter and Limonce which is already proving a popular addition to SSG’s Limonce family.

In addition to its successes at The International Spirits Business Liqueur Masters and The Whiskeys of the World Masters, SSG is also proud to announce that three of its brands – Wódka Żołądkowa Gorzka, Stock Prestige vodka and the Lubelska range of flavoured spirits – have been ranked in the IWSR 25 fastest growing brands of 2010. Wódka Żołądkowa Gorzka was the 5th fastest growing vodka, whilst Stock Prestige was the 7th. The Lubelska range was the fastest growing flavoured spirits brand in the world in volume terms.

Commenting on this news, Chris Heath, Chief Executive Officer of Stock Spirits Group, said: “Hammer Head is not only a whisky of real quality, but it has a fascinating history which really brings the brand to life. We are obviously extremely pleased to see it receiving independent industry recognition. It is also great to see the continued success of the Limonce family as the latest addition to that range, Limonce Amaro, collected a gold award having only been launched in September of last year.”

Heath added: “Following our success in the recent Millionaires rankings, to see three of our brands also in the IWSR top 25 fastest growing brands for 2010 is pleasing and reaffirms our long held view that consumers want quality at competitive prices.”

materialon @ April 23, 2012

TATRA PHOENIX receiving another award

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After last year´s success in the International Truck of the Year 2012 contest, a TATRA PHOENIX log truck version has been awarded an “Extraordinary Award of the CEO and Jury of Grand Prix Silva Regina” at the SILVA REGINA 2012 exhibit.

Forestry segment customers can choose from an offer of vehicles made by the TATRA company in cooperation with specialists in this line of business – the Serviscentrum Vysočina s.r.o. company – as well as other partners of the Kopřivnice-based truck company.

At the SILVA REGINA exhibit, which ends on April 4, two 6×6 TATRA PHOENIX log trucks are displayed. The first one is a three-axle AWD TATRA PHOENIX truck with a wheelbase of 3,900 mm, with a LOGLIFT hydraulic loading unit installed behind the cab, and a telescopic log trailer. The second exhibit is the awarded 6×6 TATRA PHOENIX truck with a wheelbase of 4,500 mm, which is equipped with an EPSILON hydraulic loading unit installed on the vehicle’s rear and with a log trailer. Both the bodies and trailers were made by the UMIKOV company.

A total curb weight (including the weight of the driver) of the three-axle chassis is about 10,250 kg (depending on selected configuration and equipment). Its frame height is the lowest one in the log truck category. The vehicle has a great engine brake and a reinforced front axle, which can carry up to 9 tons. A combination of the above and a unique air suspension on all axles makes a TATRA PHOENIX “an agile predator in its territory”.

materialon @ April 23, 2012

MOSER AND UNIQUE BOUTIQUE, THIS TIME IN THE FAMOUS AT THE WALLS HOUSE

Posted in: Glass and ceramics | Comments (0)

Do you like mystery, magic spaces and original ideas? Then don’t miss attending 2nd year of the Pop-Up Boutique Unique project focused on the theme “All for family.” Pop-up managed to find prestigious residence at Mostecká 21, Prague 1, located on a special area right on the famous Royal Route for this year’s event.

The residence stands on the site of two Gothic houses built after a devastating fire of Malá Strana in the 2nd half of 15th century. In the rear section, there are still remains of medieval city walls from the 13th century. The recent history of the house is quite interesting, too. It was a site of the popular Cinema 64 At the Walls known by premiere of the legendary movie Starci na chmelu presented there almost 40 years ago, At that time, the cinema was admired for its very modern interior design and technical screening facilities.

From Monday 14th till Wednesday 23rd May, 2012, courtyard, garden and original cinema spaces will all provide an unrivalled scope for presentation, product offer and services from the field of housing, design, fashion, cosmetics or gastronomy. Moser will present a new 2012 collection created to mark 155th anniversary of the glassworks foundation. A unique array of exhibits will include modern, perfectly crafted and artistically created crystal objects manufactured by contemporary glass artists as per their own designs as well as by using the most successful historical patterns of the Moser glassworks. We cordially invite you to participate!

Expression “pop-up”

The phenomenon of the pop-up is based on a principle of the provisional boutique aimed to present and sell products and services, in particular to offer specific or new products, limited editions etc. often at special prices. The first initiators of pop-ups were New York and British artists, who started to organize them in the ninetieth of 20th century. They selected an abandoned building, held a product preview there and ended the exhibition in a few days later. Exhibited works were on display and sale only within the pop-up, which gave them a touch of exclusivity. As far as commercial brands are concerned, the fashion house Commes des Garcons which opened the first pop-up in Berlin in 2004, was one of pioneers of this movement. Other brands such as Gucci or GAP, inspired by this extraordinary success followed up the project. Today, the Mecca of pop-ups is primarily New York followed by London or Berlin.

Tags: Glass and ceramics

materialon @ April 23, 2012

Pietra Love of nature

Posted in: Home and garden, Floors and kitchens | Comments (0)

Even though living in times of a super civilised lifestyle is, in many ways, independent of nature, we still remain captivated by its natural beauty. The design of Pietra large format tiles is based on the simplicity and uniqueness of natural materials. The precise finish of the Pietro series creates a natural atmosphere, which looks perfect, and retains its origin and quality to emphasize the natural character of the material. The authenticity of the exclusive imitation of a sandstone surface is strongly supported by pleasant earthy shades of dark, light brown, and gray colours. Modular design formats of calibrated tiles 30 x 60, 60 x 60 cm, and cut-to-length decoration 30 x 60 cm are based on one design of this series. The tiles can be appropriately combined in one area or space. The original cut-to-length decoration of 30 x 60 cm is the element in this series that keeps pace with the latest design trends, and shifts Pietro to the luxury sector. The cut-to-length mosaic can be used as a border and tiling element for complete decoration of walls, in the style of wallpaper, or as an interesting supplement in the form of a floor mosaic border. The Pietro series is not reserved just for private interiors. Thanks to its excellent technical parameters, slip resistance of cut-to-length mosaic R10B, and uniform design, it can also be used in exteriors. Natural stone, sandstone, has in its original condition great constraints during application, maintenance, etc., but these barriers are completely removed and adapted to the demands of modern people thanks to current production technology of ceramic tiles. Functional accessories, skirting plinths and step tiles, along with with perfect quality, predispose the perfect appearance of Pietra tiles without any signs of wear for many years.

materialon @ April 23, 2012

World record – entering a new print dimension with Hansaboard

Posted in: Paper and packaging | Comments (0)

In cooperation with Smurfit Kappa, Koenig & Bauer, Print Press manufacturer, will present its new Rapida 145 high speed print press, running on Hansaboard 300 gsm from Smurfit Kappa Hoya Papier und Karton GmbH at this year’s Drupa.

At the pre-Drupa-event in mid-March 2012, Koenig & Bauer AG provided an insight into the new Rapida 145 to an exclusive circle of users. During this first appearance the machine was achieved a new world record in size 6-printing speed when Hansaboard 300 gsm was printed at 17.000 sheets per hour!

We would like to pass on our congratulations to KBA for this new world record and are very pleased that our Hansaboard GD2 has contributed to this success.

Visit us at this year’s Drupa taking place in Düsseldorf on May 3 to 16, 2012 to see this world record breaking machine running in combination with our Hansaboard GD2. Presentations take place three times a day: 11.30 am, 2.00 pm and 3.30 pm at KBA hall 16 / C47-1 and C47-2.

Smurfit Kappa – World record – entering a new print dimension with Hansaboard April 2012.pdf

materialon @ April 23, 2012

Members Of UDG Band Brewed A Special Batch Of „Excellent“ Beer For May Celebrations Called „Majáles“

Posted in: Beverages | Comments (0)

materialon @ April 23, 2012

SABMiller publishes its first monitoring report about advertising of responsible alcohol consumption

Posted in: Beverages, Brewing | Comments (0)

materialon @ April 23, 2012

Air Products Wins Technology Selection for Ichthys LNG Project in Australia

Posted in: Industry | Comments (0)

Air Products (NYSE: APD), the leader in providing liquefied natural gas (LNG)technology and equipment to the world, is again increasing its presence in Australia’s rapidly growing LNG production market. Air Products has signed an agreement with JKC Joint Venture (JV) and INPEX Operations Australia Pty Ltd, for the supply of the liquefaction technology and main cryogenic heat exchangers for two process trains that will produce a total of 8.4 million tons of LNG per year. Air Products’ LNG heat exchanger technology will operate in Darwin, Australia as part of the Ichthys LNG Project (INPEX 76% Operator; Total 24%), expected to be onstream by the end of 2016.

“This project extends our presence in Australia, which is the most active area in the world right now in LNG project development. If the pace of activity continues, before too long Australia may be able to lay claim to the title of the world’s largest exporter of LNG,” said Jim Solomon, director – LNG at Air Products. “Spurring this growth is the fact that natural gas usage is increasing in importance on a worldwide basis as a source of clean energy. As a result, Air Products is seeing increased project activity globally, and we see the projected growth for LNG continuing over the next decade.”

Under the agreement with JKC and INPEX, Air Products will provide two main cryogenic heat exchangers with a proprietary propane pre-cooled mixed refrigerant process using the SplitMR® machinery configuration to produce the LNG. The LNG units will process natural gas from the substantial reserves located in the Browse Basin offshore Western Australia. The Ichthys LNG Project is a joint venture between INPEX as operator and Total. The project will provide crucial long term energy supply to Japan and other customers.

JKC Joint Venture is a JV comprising JGC Corporation, KBR and Chiyoda Corporation. INPEX Operations Australia Pty Ltd is acting as agent for and on behalf of Ichthys LNG Pty Ltd.

This is Air Products’ second Australian LNG project announcement in the past year. In 2011, Air Products was selected to supply its proprietary cryogenic coil wound LNG heat exchangers for what is the world’s first sanctioned Floating LNG (FLNG) facility being developed for the Shell Prelude FLNG Project, also to be located in the Browse Basin off the northwest coast of Western Australia. INPEX is a 17.5 percent participant in the Prelude FLNG Project as well.

Air Products is also providing its proprietary LNG process technology and equipment for three process trains producing up to 15 million tons of LNG per annum at the Gorgon Project, currently under construction on Barrow Island off the coast of Western Australia.

Air Products’ involvement in LNG projects in Australia dates back to the late 1980s when the company was selected to provide it’s propane pre-cooled mixed refrigerant process and MCR® cryogenic heat exchangers for the first three trains at the North West Shelf Venture LNG Project, Australia’s first LNG project.

A majority of the total worldwide LNG is produced with Air Products’ technology. Air Products has designed, manufactured and exported over 90 coil wound heat exchangers for LNG projects in 15 countries from its Wilkes-Barre, Pa., United States facility over the last four decades. In support of the LNG industry, Air Products provides process technology and key equipment for the heart of the natural gas liquefaction process, and also nitrogen plants for the base-load LNG facility, as well as process technology and equipment for small and mid-sized LNG plants, floating LNG plants and LNG peak shavers. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides dry inert gas generators for LNG carriers, shipboard membrane nitrogen systems, and land-based membrane and cryogenic nitrogen systems for LNG import terminals.

Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. More than 18,000 employees in over 40 countries supply innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2011, Air Products had sales of $10.1 billion. For more information, visitwww.airproducts.com.

materialon @ April 23, 2012

Air Products Reports Fiscal Q2 Financial Results

Second Quarter Summary Non-GAAP adjusted EPS of $1.39* within previous guidance range Non-GAAP adjusted EPS from continuing operations of $1.31* up 4% versus prior quarter Cost reduction actions drive charge of $60 million after tax Quarterly dividend increased for 30th consecutive year Capital spending expectation of $2.2 billion at high end of range with new [...]

More on page 40

Russian government permission for TATRA mining truck versions

The permission issued by Russian Federal Agency focusing on environmental protection and technological safety means granting official rights to use TATRA mining tippers in open pits such as coal, iron and non-iron quarries. This permission, granted for TATRA mining truck versions in February 2012, complies with all mining safety requirements and regulations. TATRA vehicles have [...]

More on page 37

Vintage Czech whisky ‘Hammer Head’ scoops top award for SSG

Stock Spirits Group (SSG) is proud to announce that its unique 1989 vintage single malt whisky, Hammer Head, has won a Masters award at The Whiskeys of the World Masters. A second SSG brand, Limonce Amaro, also enjoyed success at the Masters by winning a Gold medal within the Herbs and Bitters category at the [...]

More on page 33